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Article III <br />Section 3.1 <br />200204303 <br />Defaults - If any one or more of the following events (herein referred to as "events of default ") <br />shall occur: <br />a. Default in the payment of any principal of or interest on the Note or escrow for taxes and <br />insurance as and when due, either by the terms thereof or otherwise as herein provided; or <br />b. Default in the payment of any other sum of money required to be paid pursuant to the Note, <br />to this Mortgage, to any other instrument securing the Note, to any Lease or to the <br />Commitment, which default shall not have been remedied within three (3) business days <br />after notice thereof shall have been received by Mortgagor or Mortgagee; or <br />C. Mortgagor, shall commit an act of bankruptcy, shall file a voluntary petition in a <br />bankruptcy, reorganization, composition, readjustment, arrangement, insolvency, <br />liquidation, dissolution or similar proceeding under any present or future statute, law or <br />regulation, shall consent to voluntary or involuntary adjudication in bankruptcy or to <br />reorganization, or shall be adjudicated bankrupt or insolvent under any applicable law or <br />laws, or admits, in writing, to having become insolvent, or to become unable to pay its <br />debts as they become due, or becomes unable to pay its debts as they mature, or makes an <br />assignment for the benefit of its creditors, or is dissolved, liquidated, terminated or merged, <br />or if it applies for, or if it consents to, the appointment of a trustee or receiver for the <br />Mortgaged Property or for any portion of its assets; or <br />d. A trustee or receiver is appointed for the Mortgaged Property, for Mortgagor, or for any <br />portion of any of Mortgagor's assets, or an involuntary petition in bankruptcy or insolvency <br />is filed against Mortgagor, and is not discharged or dismissed within sixty (60) days after <br />such appointment or filing; or <br />e. Any representation or warranty made by Mortgagor, in connection with the loan secured <br />hereby proves to be untrue in any material respect; or <br />f. Any judgment in excess of $5,000.00 is entered in any court against Mortgagor and is not <br />satisfied in full within thirty (30) days after all rights to appeal from the same have expired, <br />or any writ of execution or attachment or similar process is issued or levied against any part <br />of the Mortgaged Property or any interest therein; or <br />g. Default of the terms of Section 1.9 hereof; or <br />h. Default by Mortgagor under any other term, covenant or condition of this Mortgage, of the <br />Note, of any other instrument securing the Note, or of the Commitment, which default shall <br />not have been remedied within thirty (30) days after notice thereof shall have been received <br />by Mortgagor; <br />11 <br />